JPMorgan Chase and Siemens create a blockchain -based payment platform – Bits Media

The American bank JPMorgan Chase, together with the German technological giant, is developing a blockchain system for making payments.

Head of payments at Siemens Heyko NIKS (Heiko nothing) reported, that blockchain technology will provide transparency and The invariability of the data, and also automates transactions. This will allow you to process a much larger number of transactions, And much faster. Now the system is used to automatically transfer US dollars between Siemens accounts. Next year it is planned to add translations to euros. Siemens and JPMorgan Chase did not provide information about the volume of payments, spent through a new platform.

“Business does not stand still, and in connection with the advent of digital business models, It contains significant changes. Therefore, improvements should be made to payments. Blockchain will help to automate them, as well as reduce expenses and simplify the distribution of funds ", - said NIX.

Navin Mallela (Naveen mallela), The head of ONYX (JPMorgan unit, specializing in the development of blockchain), considers, that the created infrastructure displays payments for their traditional framework, For example, direct debit write -off or permanent order to the bank. According to Mallla, blockchain allows you to apply more flexible rules there, where the current infrastructure does not cope. JPMorgan already has a number of customers, which the bank would like to offer to test the new system, and Siemens was the first anchor client.

Siemens has been studying blockchain capabilities for several years. Also in 2018 The company has joined the international organization Energy Web Foundation (EWF), supporting blockchain development in the energy sector. IN 2019 The year Siemens began to cooperate with Commerzbank to use this technology in the securities market.

In addition to JPMorgan, Other banks see great potential in the blockchain. Last week, Wells Fargo and HSBC began to use blockchain for international payments.